SJR 2 – SoDakLiberty Posts – Proposing and submitting to the electors at the next general election a new section to Article XI of the Constitution of the State of South Dakota, relating to the imposition of an education franchise tax on profits of corporations and dedication of the revenue therefrom.

Sen Bernie Hunhoff (D, Dist 18) and Rep Thomas Brunner (R, Dist 29) are the prime sponsors. hopefully this resolution is DOA. Here is the text of the SD Constitutional Amendment being proposed:

The Legislature shall impose an education franchise tax by imposing a tax on the profits of corporations doing business in South Dakota. However, this section does not apply to any insurance company subject to a tax on gross premiums or financial institution subject to the bank franchise tax. The revenue and interest generated by the tax, less the cost of administration, is dedicated to improving the salaries of elementary and secondary public school teachers. The Legislature shall establish the rate of taxation.

Wow. I don’t see such a tax on corporations making it out of committee. At least I hope not. Right now the state does not need to hurt more small business owners.